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Diana Shipping reduces losses

(Posted on 14/05/18)

Diana Shipping Inc. has reported a net loss of $3.1 million and net loss attributed to common stockholders of $4.5 million for the first quarter of 2018, compared to a net loss of $26.5 million and net loss attributed to common stockholders of $27.9 million reported in the first quarter of 2017. Time charter revenues were $48.4 million for the first quarter of 2018, compared to $31.3 million for the same period of 2017. The increase in time charter revenues was due to increased average time charter rates that the Company achieved for its vessels during the quarter and increased ownership days resulting from the enlargement of the fleet.

Diana Shipping specialises in the ownership of dry bulk vessels. As of 10th May 2018 the company’s fleet consists of 50 dry bulk vessels (four Newcastlemax, 14 Capesize, five Post-Panamax, five Kamsarmax and 22 Panamax). As of the same date, the combined carrying capacity of the fleet is approximately 5.8 million dwt with a weighted average age of 8.71 years.

The fleet is managed by a wholly-owned subsidiary Diana Shipping Services S.A. and an established 50/50 joint venture with Wilhelmsen Ship Management named Diana Wilhelmsen Management Limited in Cyprus.

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